Wells Fargo & Company Forecasts Strong Price Appreciation for Rivian Automotive (NASDAQ:RIVN) Stock

Rivian Automotive (NASDAQ:RIVN - Free Report) had its target price upped by Wells Fargo & Company from $11.00 to $14.00 in a report issued on Friday morning,Benzinga reports. Wells Fargo & Company currently has an equal weight rating on the electric vehicle automaker's stock.

Several other research firms also recently issued reports on RIVN. Mizuho lifted their price target on Rivian Automotive from $11.00 to $13.00 and gave the company a "neutral" rating in a research note on Friday. Guggenheim decreased their price objective on Rivian Automotive from $21.00 to $18.00 and set a "buy" rating for the company in a report on Wednesday, November 6th. Truist Financial raised their price objective on Rivian Automotive from $12.00 to $14.00 and gave the company a "hold" rating in a report on Thursday, January 16th. The Goldman Sachs Group raised their price objective on Rivian Automotive from $10.00 to $12.00 and gave the company a "neutral" rating in a report on Thursday, November 14th. Finally, Benchmark assumed coverage on Rivian Automotive in a report on Monday, December 9th. They issued a "buy" rating and a $18.00 price objective for the company. Two equities research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Hold" and an average target price of $15.50.

Rivian Automotive Stock Down 4.7 %

Shares of RIVN traded down $0.64 during midday trading on Friday, hitting $12.97. The stock had a trading volume of 70,315,891 shares, compared to its average volume of 34,656,977. The company has a 50 day simple moving average of $13.56 and a two-hundred day simple moving average of $12.53. Rivian Automotive has a twelve month low of $8.26 and a twelve month high of $18.85. The firm has a market cap of $13.24 billion, a price-to-earnings ratio of -2.32 and a beta of 2.04. The company has a debt-to-equity ratio of 0.93, a current ratio of 5.09 and a quick ratio of 3.70.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last released its quarterly earnings results on Thursday, February 20th. The electric vehicle automaker reported ($0.63) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.69) by $0.06. Rivian Automotive had a negative return on equity of 72.78% and a negative net margin of 121.38%. The firm had revenue of $1.73 billion for the quarter, compared to the consensus estimate of $1.43 billion. On average, analysts anticipate that Rivian Automotive will post -4.7 EPS for the current year.

Insider Transactions at Rivian Automotive

In other Rivian Automotive news, CFO Claire Mcdonough sold 6,856 shares of the business's stock in a transaction that occurred on Wednesday, February 19th. The shares were sold at an average price of $14.26, for a total transaction of $97,766.56. Following the completion of the transaction, the chief financial officer now directly owns 335,076 shares in the company, valued at $4,778,183.76. The trade was a 2.01 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Robert J. Scaringe sold 71,429 shares of the business's stock in a transaction that occurred on Thursday, December 12th. The shares were sold at an average price of $13.65, for a total transaction of $975,005.85. Following the transaction, the chief executive officer now owns 863,361 shares of the company's stock, valued at approximately $11,784,877.65. This represents a 7.64 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 366,788 shares of company stock worth $5,024,431 over the last quarter. Company insiders own 2.51% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the company. Gould Capital LLC raised its position in Rivian Automotive by 87.6% during the fourth quarter. Gould Capital LLC now owns 7,025 shares of the electric vehicle automaker's stock valued at $93,000 after purchasing an additional 3,280 shares in the last quarter. Parr Mcknight Wealth Management Group LLC acquired a new position in shares of Rivian Automotive during the fourth quarter worth $206,000. Neo Ivy Capital Management increased its holdings in shares of Rivian Automotive by 23.8% during the fourth quarter. Neo Ivy Capital Management now owns 157,704 shares of the electric vehicle automaker's stock worth $2,097,000 after buying an additional 30,300 shares in the last quarter. Orion Capital Management LLC acquired a new position in shares of Rivian Automotive during the fourth quarter worth $34,000. Finally, Elequin Capital LP acquired a new position in shares of Rivian Automotive during the fourth quarter worth $49,000. 66.25% of the stock is currently owned by institutional investors and hedge funds.

Rivian Automotive Company Profile

Rivian Automotive, Inc, together with its subsidiaries, designs, develops, manufactures, and sells electric vehicles and accessories. The company offers consumer vehicles, including a two-row, five-passenger pickup truck under the R1T brand, a three-row, seven-passenger sport utility vehicle under the R1S name.